Capital Group has emerged as the largest shareholder in Japan’s Metaplanet Inc., acquiring an 11.45% stake valued at nearly $500 million. This investment was made through its subsidiary, Capital Research and Management Company, and positions the $2.6 trillion asset management giant favorably as it seeks extensive exposure to Bitcoin through a robust corporate treasury strategy implemented by Metaplanet.
Metaplanet, a company that has transitioned from a struggling hotel operator to Asia’s leading Bitcoin treasury firm, currently holds 25,555 Bitcoin, equivalent to approximately $2.71 billion. This makes it the fifth-largest corporate Bitcoin holder in the world, trailing only behind MicroStrategy, which holds 639,835 BTC.
Capital Group’s stake increased from 8.31% in August to 11.39% by mid-September, ultimately making it the primary shareholder, surpassing the previous largest stakeholder, National Financial Services LLC.
The recent investment coincides with Metaplanet’s substantial Bitcoin acquisition of $632 million, which added 5,419 coins at an average price of $116,724. This strategic expansion into crypto underscores Capital Group’s preference for obtaining exposure through equity stakes rather than holding Bitcoin directly. Previously, the firm has ramped up its investments in Bitcoin-centric companies, scaling its crypto-related holdings from $1 billion to over $6 billion under the stewardship of portfolio manager Mark Casey.
Founded in 1931, Capital Group has historically employed conservative investment strategies while managing American Funds and catering to institutional clients across the globe.
Despite this ambitious growth trajectory, Metaplanet is facing operational challenges. Although the company implemented Japan’s most aggressive corporate Bitcoin treasury strategy—raising its holdings from 4,525 BTC in April to over 25,000 BTC—the stock has recently declined by 54% from its peak in June. Coinciding with this downturn, Bitcoin itself has seen a modest gain of 2% in the same timeframe.
Metaplanet’s financing efforts included a recent $1.45 billion international share offering, which issued 385 million shares aimed at funding future purchases. Notably, Eric Trump joined the company’s advisory board in March and has actively participated in shareholder meetings to endorse its Bitcoin-focused strategy. The stock has yielded an impressive 395.1% in Bitcoin returns year-to-date, marking Metaplanet as the top-performing stock among Japan’s more than 55,000 publicly traded companies in 2024, and boosting the shareholder count by over 1,000% to 128,000 individuals.
In response to Bitcoin’s inherent challenges regarding yield generation, Metaplanet has leveraged Bitcoin options trading, generating ¥1.9 billion in revenue for Q2 2025. The company successfully utilized strategies like covered call writing, leading to operating profits of ¥816 million—68% of its total revenue of ¥1.2 billion.
Capital Group’s significant investment serves to validate the corporate Bitcoin treasury model initially popularized by MicroStrategy and increasingly adopted throughout Asia. Over 190 public companies currently hold Bitcoin on their balance sheets, with total holdings exceeding $115 billion.
The approach adopted by Capital Group emphasizes indirect exposure to cryptocurrency via equity stakes in companies holding Bitcoin, rather than purchasing the digital currency outright. This trend in institutional adoption has been bolstered by favorable government policies, with Japan proposing tax reforms that could lower corporate crypto capital gains rates.
As the global trend towards corporate Bitcoin acquisition expands—now encompassing 335 entities with combined holdings of over $421 billion—analysts caution that many players may encounter sustainability issues, especially those lacking yield generation capabilities. Recent research from Coinbase suggests that the era of easy financing for crypto treasuries is over, indicating a shift towards more competitive dynamics among firms.
For Metaplanet, the company has enhanced its international reputation through strategic collaborations and endorsements. Its evolution from a hospitality business to a digital asset-focused entity serves as a burgeoning template for corporate treasury strategies in emerging markets. As of now, Bitcoin is trading near $111,500 amidst ongoing market fluctuations.
